The recent announcement from NS&I regarding the reduction of the maximum amount for investment on its growth bonds from £1 million down to £10,000 has not come as a surprise. The fact that they have reached their financing targets in just 6 months means that they no longer need to attract such large deposits. The inconsistency seen here will undoubtedly frustrate savers and creates the perception that the savings market lacks predictability, transparency and ease of execution.  While we appreciate that they have not made a reduction in their rate for this account, but rather a maximum deposit amount, it is now no longer a viable account for clients with larger deposit. Despite the base rate remaining low, competition amongst banks has seen some positive increases in interest rates and this account is no longer as competitive as it was a few months ago. This also highlights the importance of diversification of a cash portfolio across a variety banks to ensure you get the best rate possible, plus FSCS protection eligibility. Paul Richards comments: “We have spoken to a number of wealth managers over recent months and its clear NS&I can play an important role whenever a client has a considerable cash proportion in their portfolio. Because of the recent reduction, it’s now even more important for financial advisors to work with a cash management solution to look beyond NS&I, retain a full view of a client’s portfolio and get the best results for their cash.”